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| 1. |
Difference between economic growth and economic devlopmenr |
| Answer» \tEconomic GrowthEconomic DevelopmentIt refers to the increase in the monetary growth of a nation in a particular period.It refers to the overall development of the quality of life in a nation, which includes economic growth.It is a narrower concept than that of economic development.It is a broader concept than that of economic growth.It is a uni-dimensional approach that deals with the economic growth of a nation.It is a multi-dimensional approach that looks into the income and as well as the quality of life of a nation.Short-term processLong-term processQuantitativeBoth quantitative and qualitativeDeveloped economiesDeveloping economiesIt is an automatic process that may or may not require intervention from the governmentIt requires intervention from the government as all the developmental policies are formed by the governmentQuantitative changesQuantitative as well as qualitative changesGDP, GNPHDI, per capita Income, industrial development\t | |